bank transfer day

[rockhound]

Today, November 5, is being coined as bank transfer day. The day when millions of Americans withdrew their money from the larger banks and deposited it in local banks and credit unions across the country. It has been estimated about 4.5 billion dollars was withdrawn today. People are convinced that local banks and credit unions will help small businesses to create more jobs. Also they want more control over their money and want to make a statement in the wallstreet demonstrations. The larger banks have only been interested in the larger investors and depositers for years. Now the middle and lower classes are making changes. There is power in numbers, no matter how small an account is. Good Luck. rockhound

 

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[FarmerChick]

I didn't even know about it

but I wouldn't have particpated. I have tons of stock in 5/3 bank...I bank there also. I won't pull my money from my stock investment


I would love to 'see results' in cold hard stats on this day for banks...hmmm

 

[fistfulladirt]

All my Credit Unions and most of my banks are closed on Saturday.

 

[olroy70]

I have used a credit union for years.. I love it, and have even gotten a loan over the phone.....

Would never go back!!!!!!!!!!!!

 

[FarmerChick]

I bank with USAA (love this company)

I too can gets loans over the phone. Wanted a new SUV, called and confirmed loan in about 3 minutes. Ah, ya gotta love it! Money on demand!

 

[packerbacker]

Bank transfer day was GREAT for big banks. People removed their accounts that weren't very profitable for big banks and inundated credit unions with their less profitable accounts. Helllllllllllllllllllo!

 

[FarmerChick]

packer
never thought of that happening--huh

 

[mikeofaustin]

Bank transfer day was GREAT for big banks. People removed their accounts that weren't very profitable for big banks and inundated credit unions with their less profitable accounts. Helllllllllllllllllllo!

Of course, when you see people that pay there bills paycheck to paycheck, the banks don't care about these accounts. But, generally, I'll have about __k in general funds sitting idle at one time... these are the accounts that is of concern for them to loose. Anything less than a few K are not worth their time. But, keep in mind, that bank fees are still there for even the very modest of transation... so, even a simple paycheck, they will make 'some' money, abeit somewhat small.

I've been with a credit union for years.... both business and personal. I'll never go back to those jerks.

But, buy all means, if you like the idea of your tax money going to a paycheck of a jerk that made very bad decisions... why don't you just write him a check and send it to him directly.

 

[bigscoop]

Open a basic checking, deposit as required. Install a good safe/safes, and beyond the basic checking, don't use banks or credit at all.